Handing over control of the city’s entertainment facilities to private operators doesn’t mean council will lose its oversight of the three venues, say city staff.

In fact, Global Spectrum, Live Nation and the Carmen’s Group will be required to keep council apprised of the financial health of Hamilton Place, Copps Coliseum and the convention centre.

“We need to stay on top of what they’re doing,” said Tony Tollis, the city’s point person on negotiations for the privatization of the city’s arms-length entertainment agency, Hamilton Entertainment and Convention Facilities Inc. (HECFI).

Council voted unanimously this week to transfer operations of the city-owned facilities to the three private companies. Councillors put out a call to the private sector for the “purchase, lease or management” of Hamilton Place, Copps and the convention centre after HECFI needed $11.6 million in taxpayer subsidies in 2010.

The tentative handover date is April 1, 2013.

Tollis says that the city’s contract with Live Nation, Global Spectrum and Carmen’s will clearly spell out what information these private businesses must share with council and the public. The operators will be required to provide audited financial statements and present them to council.

The city also plans to hire a liaison who will oversee the transition from HECFI to the private operators and act as a go-between for the two sides.

“That person’s function, among others, is to ensure that the contract is being adhered to,” Tollis said.

Once negotiations have finished, the contract will be brought back to council for final approval.

The city has learned from experience to require transparency from private companies operating city assets.

Tradeport, the private operator of John C. Munro Hamilton International Airport, has kept even basic financial information away from the public eye because of a lease agreement that allowed it to be kept secret.

It was only after intense media scrutiny that Tradeport offered full disclosure of its audited financial statements and executive salaries.

Still, Tollis said, the HECFI agreement differs from the Tradeport pact. The city will still be required to maintain the three facilities and will monitor the day-to-day operations at the entertainment venues to ensure they’re being well looked after.

“The airport is something completely different. They’ve taken complete control ... and they only have to report certain things,” Tollis said. “This is more of a partnership.”